Is China a bellwether: How important are bearish signals of this country for the markets?

My trading system is telling me that the long term trend is bullish (weekly one) but we have some short term bearish signs (daily ones). The couple USD/CAD confirms that as well as the industrial metals trend. However, China is one of the few indices of my system which shows a long term bearish signal. FXP, the inverse ETF of FXI, draws a perfect bullish MACD divergence and the Shanga